Hileman, which is completing its $60-million HavenPark mixed useproject in nearby Rancho Cucamonga, says it will invest"significant capital" to rebrand and market the new acquisition,beginning with a name change to Waterside Center. According to JackHileman, founding partner and president of the Hileman Co., theplans for the new 150,000-sf building are based on the success ofHavenPark and "the still exploding Ontario Airport officemarket."

The new building that Hileman and PCCP will develop will becalled Waterside Center II and is expected to be completed in July2008. The development team isexploring options for the third phasewhich could include office space,hotel or both, according toHileman.

Hileman comments, "I have seen every development site andopportunity in this market over the past two years while working onHavenPark, and this is by far thebest." The new owners of theWaterside Center are moving quickly with construction of WatersideCenter II "to meet the demand for quality space while the vacancyrate is still very low, and do that ahead of other plannedprojects," Hileman says.